13 big real estate trends in 2024 that will rule the market

1. Sustainable construction

   It’s well known that buildings and construction produce a lot of CO2 emissions. There’s a growing push to make buildings that are easy to heat and cool, use smart tech to cut emissions, and have natural light to save energy. The future of building is about sustainability, and the demand for eco-friendly construction is going up. Construction companies benefit from cutting carbon emissions and using fewer non-renewable resources because it encourages recycling. They’re exploring things like carbon-negative concrete, made from leftover stuff from farms and forests, which grabs CO2 from the air. The trick is to use different trends in construction to reduce waste and carbon emissions. For example, using a printing robot causes a more accurate translation from the CAD blueprints to the physical building, reducing the waste generated during construction due to re-dos coming from manual errors and saves time.

2. Advanced technology (3D printing)

   Special 3D printers designed for building things are often called ‘construction 3D printers’. To start, they create a 3D digital model of the structure they’re making. These printers typically use a robotic arm that squirts out concrete while moving around. There are lots of ways the construction industry benefits from this technology. First off, it lets them customise parts for each project, giving more design options and better performance. Plus, it’s super quick, speeding up how fast they can build things. Using 3D printing in construction can cut down on waste by only using as much concrete as needed, which saves money and helps the environment.

3. Prefabricated construction

   This construction method is gaining popularity worldwide. It involves making parts in a factory, then moving and assembling them on-site to build a structure. Prefabricated construction has big advantages: it’s faster, uses really tough materials, has strict quality control, simplifies complex building, and reduces waste, helping the environment. For top-notch construction, prefabricated tech saves money. Buildings made this way often meet higher standards and are cheaper to assemble than building from scratch on-site. The metro railway track is a great example—it’s built using prefabricated parts, saving time and money.

4. Only steel structures

   Steel and metal fabrication are strong, adaptable materials used a lot in building design—think buildings, bridges, and stadiums. Steel is especially popular in construction nowadays because it’s cost-effective and tough enough for rough weather. There are some cool new trends in how we make and use structural steel. We’re into 3D modelling and BIM (building information modelling), building parts offsite and putting them together, using robots and automation, smart sensors and IoT to track things like temperature and strain in steel parts, and using more eco-friendly practices and materials.

5. Mixed-use developments

   If a development project offers more than one use or purpose within a shared building or development area may be classified as ‘mixed-use’ development. It is a type of urban development that blends multiple uses such as residential, commercial, cultural, institutional or entertainment into one space whose functions are physically and functionally integrated. Mixed-use development has gained popularity as a transformative approach to urban planning and design. They have given rise to sustainable spaces by combining residential, commercial, and often cultural or recreational elements within a single development.

6. Homes that offer a lifestyle

   Today modern apartments go beyond just providing space—they aim to create an experience. Some boast about bringing you closer to nature through hoarding boards, while luxury apartments promise a fantastic lifestyle. Among many builders, Sri Sumeru Realty stands out. Their high-rise apartment, Soudhamini, is part of a Sattvic Community that offers a secure environment with homes emitting positive energy. Sumeru Realty excels in sustainable, high-quality construction, focusing on creating homes with good vibes by harmonising the five elements of nature. They aim to build lively spaces that enhance the well-being of their residents.

7. Technology integration (IOT automated buildings)

   In this trend, clever gadgets manage things like lights, heating, and cooling systems. Smart buildings link all these operations using the Internet of Things (IoT), making it easy and safe to control building tasks from phones or computers. For instance, thermostats adjust temperatures based on how many people are around, the time of day, and weather info from IoT sensors. Expect the rise of smart buildings and spaces for homes and offices to be a major trend in the upcoming year.

8. Land Crypto

   Today, purchasing real estate with cryptocurrency is possible through direct wallet transfers or using services like BitPay to convert crypto to traditional currency. Buying a house with Bitcoin or other cryptocurrencies has become feasible. Blockchain technology has made property transactions more efficient by cutting out middlemen, reducing costs, and saving time. It’s also improved security by minimising fraud and tampering. Although Bitcoin transactions aren’t legal in India, in the US, if you structure your crypto real estate deal in dollars, you may face standard conversion fees and capital gains taxes when cashing out. This evolving trend in real estate transactions is worth keeping an eye on.

9. Real estate investments (REITs)

   REITs, or Real Estate Investment Trusts, handle portfolios of valuable real estate and mortgages. They provide an opportunity for small investors to own pricey real estate and earn dividends, which can grow their investment over time. By joining forces with larger investors, small investors can own a piece of substantial commercial real estate projects. In India, REITs have been favoured by both institutional and individual investors. The latest reports suggest that India’s REIT market is projected to encompass 22% of Grade-A office stock by 2024.

10. Digital landscape of house hunting

    In today’s digital age, the rise of smartphones, digital gadgets, and the widespread use of social media has led to many people spending a lot of time on their devices. The emergence of mobile apps and real estate websites has transformed how people search for houses and take virtual tours, significantly altering consumer behavior in the realm of house hunting.

11. A rise in property prices

    In the third quarter of 2023, home prices in India surged by 5.9% compared to the previous year, as per Knight Frank’s Global House Price Index. This jump propelled India to the 14th position in the global house price index, marking it as the 14th most expensive housing market worldwide. Despite high loan costs and inflation, the housing market has shown significant growth, likely attributed to stable economic progress.

12. Shop-cum-offices in commercial

    This new trend in real estate introduces a distinct commercial concept: combining office spaces and retail stores within one building. These commercial zones offer a mix of banks, retail areas, and warehouses, providing the freedom to customise the space according to specific needs. They come equipped with essential hygiene facilities, making them convenient for various business purposes.

13. Construction ERP softwares

    The construction industry is predicted to grow around 4%, prompting the need for advanced tech like Enterprise Resource Planning (ERP). Globally, the ERP software market is anticipated to grow at an annual rate of 11.0% from 2023 to 2030, hitting USD 123.41 billion by 2030. In India, SAP ERP dominates among large organisations. It boasts features like financial management, global support, streamlined financial operations, cost-efficiency, and ongoing innovation.

FAQs: